Sunshine Kaidi New Energy Group, based in Wuhan, Hubei province, China, announced plans to invest about EUR 1 billion (USD 1.13 billion) in a new wood-based biodiesel plant in Finland.
Sunshine Kaidi New Energy Group Co., Ltd., formerly known as Wuhan Kaidi Holding Investment Co., Ltd. is a high-technology investment company in the field of green energy, founded in 1992. The company is known as the largest private company in biomass power generation in China.
With R&D investments of more than CNY 500 million (USD 76 million), Kaidi is rapidly advancing in green technology by producing bio-liquid fuel from biomass.
Kaidi said the plant would use wood-based biomass as its main raw material and it is scheduled to start operations in the northern city of Kemi by the end of 2019.
Kaidi operates about 30 biomass plants in China and Vietnam. The Finnish plant would be its first in Europe.
The company said it was attracted by Finland’s vast forests and government subsidies.
“Finland is the most interesting investment target in the northern hemisphere, when it comes to biofuels,” Kaidi Chairman Chen Yilong said in a statement.
Kaidi Finland, the company operating the bio-refinery, said it would make the final decision on the investment by the end of the year.